EX-12 5 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES. Computation of ratio of earnings to fixed charges.

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

     Six Months ended
June 30
    Year ended December 31
     2008     2007     2007     2006     2005     2004    2003
     (in Millions, Except Ratios)

Earnings:

               

Income (loss) from continuing operations before income taxes and cumulative effect of change in accounting principle

   $ 277.2     $ 81.7     $ 185.7     $ 212.4     $ 189.1     $ 135.5    $ 37.7

Minority interests

     6.7       3.2       9.6       7.8       7.5       3.8      2.9

Equity in (earnings) loss of affiliates

     (0.6 )     (2.7 )     (2.5 )     (2.3 )     (70.6 )     2.1      68.6

Interest expense and amortization of debt discount, fees and expenses

     17.4       19.4       37.5       42.0       75.6       90.8      96.1

Amortization of capitalized interest

     2.0       2.0       3.9       3.9       3.9       3.8      3.7

Interest included in rental expense

     1.3       2.4       5.0       4.8       4.6       3.4      5.5
                                                     

Total earnings

   $ 304.0     $ 106.0     $ 239.2     $ 268.6     $ 210.1     $ 239.4    $ 214.5
                                                     

Fixed charges:

               

Interest expense and amortization of debt discount, fees and expenses

   $ 17.4     $ 19.4     $ 37.5     $ 42.0     $ 75.6     $ 90.8    $ 96.1

Interest capitalized as part of fixed assets

     2.5       1.9       4.2       3.7       3.8       5.3      7.6

Interest included in rental expense

     1.3       2.4       5.0       4.8       4.6       3.4      5.5
                                                     

Total fixed charges

   $ 21.2     $ 23.7     $ 46.7     $ 50.5     $ 84.0     $ 99.5    $ 109.2
                                                     

Ratio of earnings to fixed charges (1)(2)

     14.3       4.5       5.1       5.3       2.5       2.4      2.0
                                                     

 

(1) In calculating this ratio, earnings consist of income from continuing operations before income taxes and cumulative effect of change in accounting principle plus minority interests, interest expense, amortization expense related to debt discounts, fees and expenses, amortization of capitalized interest, interest included in rental expenses (assumed to be one-third of rent) and equity in (earnings) loss of affiliates. Fixed charges consist of interest expense, amortization of debt discounts, fees and expenses, interest capitalized as part of fixed assets and interest included in rental expenses.
(2) As of the date for which information is presented in the above table, no preferred stock was issued and outstanding. Accordingly, no separate calculation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends is presented.